Citigroup named advisor for the merger of three state mining firms

United States-based financial company Citigroup has been named the financial advisor for the planned merger of three state-mining companies PT Aneka Tambang, PT Tambang Batubara Bukit Asam and PT Timah Tbk, Investor Daily reported on Thursday.

Dedi Aditya Sumanagara, the president director of PT Aneka Tambang (Antam), said in Jakarta on Wednesday that Citigroup had won the tender to act as the advisor for the merger of the three state mining firms.

"Citgroup outbids other bidders including PT Danareksa, PT BNI Securities and Rotschild Indonesia," he was quoted as saying by the newspaper.

According to Dedi, Citigroup will among others study the possibility of establishing a holding company which will oversee the three state mining companies which will be merged to streamline their mining activities. (*)